智通财经APP获悉，浙商证券发布研报称，2025年11月销售各类挖掘机20027台，同比增长13.9%其中国 内销量9842台，同比增长9.1%;出口量10185台，同比增长18.8%。国内周期筑底上行主要受益于农林、 市政需求驱动小微挖需求增长。按8-10年为更新周期测算，预计2025年国内更新周期有望逐步启动，有 望周期筑底上行。中国工程机械行业是全球优势产业(性价比等优势)，有望从进口替代逐步走向供应全 球。该行建议持续聚焦行业龙头。 浙商证券主要观点如下： 11月挖掘机总销量同比增长14%，其中内销同比增长9%，外销同比增长19% 工程机械：海外市占率提升，国内更新周期逐步启动 1)出口：全球化持续推进，海外市占率有望不断提升。中国工程机械行业是全球优势产业(性价比等优 势)，有望从进口替代逐步走向供应全球。据KHL，2024年全球Top50工程机械制造商总销售额2376亿美 元，其中徐工机械/三一重工/中联重科市占率为5.4%/4.6%/2.4%(合计12.4%)，未来提升空间大。 2)内需：7月19日上午，雅鲁藏布江下游水电工程开工仪式在西藏自治区林芝市举行，工程总投资约1.2 万亿元。据智通财经 ...

Core Viewpoint - The article emphasizes that despite the narrative of declining American manufacturing, the U.S. remains a leading manufacturing power globally, significantly outpacing Europe and Japan, particularly in high-end manufacturing sectors [2]. Group 1: Major Manufacturing Giants - Lockheed Martin is the largest defense contractor in the U.S., consistently topping Pentagon procurement lists with products like the F-22 and F-35 fighter jets, and the Perseverance Mars rover [4]. - General Electric (GE), founded by inventor Thomas Edison, is a leader in aviation engines, with the CFM56 engine being one of the most successful in aviation history, and the LEAP engine dominating orders for Airbus A320 and Boeing 737 [6]. - Caterpillar is the world's largest manufacturer of construction machinery, known for its advanced diesel engine technology and the 797F mining truck, which can carry 400 tons of ore [8]. - 3M is the largest manufacturer of specialty materials, with its iconic transparent tape and a wide range of products used across various industries [10]. - Boeing is the largest aerospace manufacturer globally and the second-largest defense contractor in the U.S., producing a range of military and commercial aircraft [11]. - Johnson & Johnson is the highest revenue and market cap healthcare company, with innovative products contributing significantly to its income, including a projected $56.9 billion from its pharmaceutical segment in 2024 [13]. - Honeywell provides essential technology for aircraft, including flight management systems and is one of the few manufacturers of black boxes [15]. - Apple commands 19% of the global smartphone market but captures 80% of the industry's profits, leading in innovation with products like the iPhone and Apple Watch [17]. - NVIDIA, despite a recent stock price drop, remains the highest-valued company globally, with a market cap exceeding $4.3 trillion, and continues to dominate the AI chip market [19]. - ExxonMobil, with a history dating back to 1870, is one of the largest oil companies globally, with projected revenues of $350 billion in 2024 [21]. Group 2: Manufacturing's Economic Impact - Over 60% of the U.S. service industry supports manufacturing, indicating that the contribution of manufacturing to GDP exceeds 60%, reinforcing the U.S.'s status as a manufacturing powerhouse [21]. - The U.S. has been advocating for the return of manufacturing to reduce dependency on Chinese supply chains, highlighting the importance of recognizing this reality in the context of international competition [21].

Group 1: Robotics Industry - The U.S. government is focusing on the development of robotics, indicating that robotics technology is becoming a key frontier in U.S.-China competition, with potential for continued resonance between the two countries' industries [1] - The Trump administration's actions suggest a strategic elevation of the U.S. robotics industry, with domestic policies expected to follow suit [1] - U.S. companies are actively investing in the robotics sector, creating a closed loop of "model-simulation-hardware," while China's supply chain is accelerating the implementation of robotics in various scenarios [1] Group 2: Construction Machinery - In November, domestic excavator sales exceeded expectations, and exports maintained high growth rates despite a high base, indicating a strong overall fundamental outlook for the sector [2] - The upward trend in both domestic and international sales of construction machinery has been validated, with a focus on overseas markets where profits from exports account for about 70% of many companies [2] - The performance of companies in the construction machinery sector remains strong, with non-excavator domestic sales also showing significant growth [2] Group 3: Lithium Battery Equipment - The electrification of ships is expanding the application of lithium batteries into new scenarios, with a positive outlook for lithium battery equipment in the upcoming year [3] - The demand for lithium batteries is expected to increase as new technologies like solid-state and sodium-ion batteries emerge, enhancing the electrification rate across various sectors [3] - The mid-term acceptance of solid-state batteries is anticipated to be completed by the end of the year, leading to a new round of order tenders from leading battery manufacturers and vehicle manufacturers [3] Group 4: PCB Equipment - The PCB industry is experiencing a resurgence, characterized by high-end product development and factory establishment in Southeast Asia, which is driving the demand for PCB equipment upgrades [4] - Key segments of PCB equipment, such as drilling and plating, hold significant value and are critical for circuit board performance [4] - The industry is evolving towards higher layer counts and more precise wiring due to AI-driven advancements, necessitating improvements in processing technology [4] Group 5: Forklifts & Mobile Robots - Sales of large forklifts are maintaining growth, with domestic sales increasing by 5% to 16% and exports growing by 8% to 23% from July to October [5] - The industry is optimistic about the upward trend in demand for smart logistics and unmanned forklifts, with major companies launching intelligent logistics products in Q4 [5] Group 6: Recommended Companies in Machinery Sector - Key companies recommended include Hengli Hydraulic, Aibin Technology, LiuGong, XCMG, Jereh, Naipu Mining, SANY Heavy Industry, Zoomlion, Anhui Heli, Hangcha Group, Huace Testing, Shoucheng Holdings, Xian Dao Intelligent, Bozhong Precision, Haitai International, Yizhiming, Puyuan Precision Electronics, Zhongji United, and Maiwei Shares [6]

Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Views - In November 2025, total excavator sales reached 20,027 units, a year-on-year increase of 14%, with domestic sales up by 9% and exports up by 19% [2][3] - The total excavator sales from January to November 2025 amounted to 212,162 units, reflecting a 17% year-on-year growth, with domestic sales increasing by 19% and exports by 15% [2] - Loader sales in November 2025 totaled 11,419 units, marking a 32.1% year-on-year increase, with domestic sales rising by 29.4% and exports by 34.8% [3] - The recovery of the engineering machinery industry is characterized by three phases: increasing export market share, improving domestic demand, and the initiation of a replacement cycle [3][4] Summary by Sections Excavator Sales - November 2025 excavator sales were 20,027 units, up 14% year-on-year, with domestic sales at 9,842 units (up 9.1%) and exports at 10,185 units (up 18.8%) [2][3] - From January to November 2025, total excavator sales reached 212,162 units, a 17% increase year-on-year, with domestic sales at 108,187 units (up 19%) and exports at 103,975 units (up 15%) [2] Loader Sales - November 2025 loader sales were 11,419 units, a 32.1% year-on-year increase, with domestic sales at 5,671 units (up 29.4%) and exports at 5,748 units (up 34.8%) [3] - From January to November 2025, total loader sales reached 115,831 units, reflecting a 17.2% year-on-year growth, with domestic sales at 61,039 units (up 22.5%) and exports at 54,792 units (up 11.9%) [3] Market Dynamics - The engineering machinery industry is experiencing an increase in overseas market share, driven by the "Belt and Road" initiative and domestic demand for infrastructure and real estate [2][3] - The domestic replacement cycle is expected to gradually initiate, with projections indicating that 2025 will mark the start of this cycle, benefiting from demand in agriculture, forestry, and municipal projects [4][5] Company Developments - Major engineering machinery manufacturers are planning to list on the Hong Kong Stock Exchange, which will enhance their international brand influence and provide efficient financing channels [5] - Sany Heavy Industry's recent H-share listing raised approximately 13.3 billion HKD, indicating strong market interest [5]

环球市场动态 政 治 局 会 议 为 " 十 五 五 " 良 好 开 局 提 出 方 向 股 票 A 股周一上扬，重磅会议为明年积 极的政策定调；港股表现不佳，全 日呈单边下跌行情；欧洲股市小幅 收低，市场等待美联储议息；美股 下挫，议息前观望情绪浓厚，明年 降息预期下滑引发部分担忧。 外 汇 / 商 品 市场关注俄罗斯供应前景，周一国 际油价跌 2%，创近三周以来最大 跌幅；市场迎来密集的央行决策周， 黄金和白银价格下跌；铜价则再次 刷新历史高点。 固 定 收 益 周一美国国债下跌，收益率上涨 1- 3 个基点，曲线走势趋平。3 年期国 债拍卖获强劲需求，市场跌幅略有 收窄。亚洲投资级债券利差轻微收 窄，交投清淡。周二将有 10 年期美 债拍卖。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 Salesforce (CRM US; 259.53 美元; 目标价: 350 美元) 北美需求回温业绩较为亮眼。2026 财年三季 度营收符合业绩指引，净利润指标表现亮眼。三财季公司数据云和人工智能产品经常性年化收入继续保持强劲增长， 达 14 亿美元 ...

每日经济新闻 （责任编辑：张晓波 ） 湘财证券指出，11月我国挖掘机总销量同比增长13.9%，装载机总销量同比增长32.1%，内外销量 均保持增长，主要因下游进入施工旺季及海外渠道补库。工程机械月均工作时长环比回升，国内更新需 求、电动化趋势及海外新兴市场增长将推动行业持续向好。人形机器人领域，众擎发布T800机器人， 具备高自由度与智能路径规划能力；领益智造完成超5000台人形机器人组装服务，国内外合作进展显 著。特斯拉Optimus机器人稳定性提升，美国政府计划加大产业支持力度。制造业PMI回升，政策发力 及"反内卷"措施有望带动机械设备需求好转。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 工业母机ETF（159667）跟踪的是中证机床指数（931866），该指数从沪深市场中选取50只涉及机 床整机及其关键零部件制造和服务的上市公司证券作为指数样本，以反映机床产业相关上市公司证券的 整体表现。该 ...

数据显示，截至2025年11月28日，上证科创板工业机械指数前十大权重股分别为中控技术、铂力特、绿 的谐波、道通科技、柏楚电子、中国通号、时代电气、精智达、凌云光、海目星，前十大权重股合计占 比46.01%。 科创机械ETF(588850)紧密跟踪上证科创板工业机械指数，聚焦城轨铁路装备、工业自动化、工程机械 等领域投资机会。 国内市场方面，湘财证券指出，11月我国挖掘机总销量同比增长13.9%，装载机总销量同比增长 32.1%，内外销量均保持增长，主要因下游进入施工旺季及海外渠道补库。工程机械月均工作时长环比 回升，国内更新需求、电动化趋势及海外新兴市场增长将推动行业持续向好。人形机器人领域，众擎发 布T800机器人，具备高自由度与智能路径规划能力；领益智造完成超5000台人形机器人组装服务，国 内外合作进展显著。特斯拉Optimus机器人稳定性提升，美国政府计划加大产业支持力度。制造业PMI 回升，政策发力及"反内卷"措施有望带动机械设备需求好转。 截至2025年12月9日10:50，上证科创板工业机械指数下跌0.47%。成分股凌云光领涨，伟创电气、新益 昌跟涨；瑞松科技领跌，华曙高科、步科股份跟跌。 消 ...

12月8日，长沙市"十四五"答卷系列主题新闻发布会打造内陆地区改革开放高地专场举行。5年来，长沙开放发展交出亮眼成绩单：进出口总额达1.4万 亿元，出口收汇率超80%；对非贸易年均增长31.7%，实现翻番；实际使用外资66.4亿美元，占全省72.6%；在长投资世界500强企业达201家；对外实际投资 70.1亿美元，稳居中部省会第一。 开放型经济澎湃发展 规模质量双提升 5年来，长沙开放型经济成效显著，总量连跨台阶、核心指标稳步领跑。进出口总额达1.4万亿元，贸易"朋友圈"覆盖全球233个国家和地区。工程机械、"新 三样"等优势产业出口年均增长超两位数，浏阳烟花、湘绣等特色产品成为"长沙名片"，推动产业优势转化为出口优势。 招商引资成效显著，5年累计引进重大项目995个，其中"三类500强"项目313个，总投资超万亿元。实际使用外资66.4亿美元，1456家外商投资企业稳健发 展，德国巴斯夫等龙头项目落户推动外资向高端制造、现代服务领域集聚。连续举办跨国公司长沙行、德企长沙行、国际采购、产经对接等活动，拓展长沙 与国际市场的连接通道。 对外投资方面，"长沙力量"走向全球。70.1亿美元的对外实际投资，彰显内陆 ...

智通财经APP获悉，东吴证券发布研报称，工程机械为典型周期行业，判断周期位置为核心。当前国内 外正处于上行周期起点，该行判断未来2-3年板块利润增速约20%+，核心标的2026年利润对应当前估值 仅10-16X，建议重点配置。展望2026年，国内市场方面，此轮周期将呈现斜率较低但周期较长的特 征，整体呈现温和复苏态势；出口市场看，在美联储降息周期下，海外需求有望于2026年进入新一轮上 行周期，行成国内外共振局面。 东吴证券主要观点如下： 2025年工程机械板块国内全面复苏&出口温和复苏，收入端逐步加速 2025年1-10月国内挖机累计销量同比+19.6%，1-10月国内汽车/履带/随车/塔吊起重机累计销量同比分 别-2.8% /+22.9% /+5.9% /-30.6%，相较于2024年明显好转，国内工程机械进入全面复苏阶段。海外来 看，2025年1-10月挖掘机出口累计销量同比+14.5%，开始温和复苏。国内外共振作用下，板块收入端加 速回暖，2025年前三季度，工程机械板块收入端同比增长12%。 展望2026年 (1)国内市场：根据保有量测算&周期更新替换理论，2025-2028年国内挖机需求年均同比增 ...

Group 1 - The 2025 Yangtze River Delta Top 100 Enterprises conference was held in Shanghai, where rankings for the top 100 enterprises and private enterprises were released along with development reports [1] - In 2024, the total revenue of the top 100 enterprises in the Yangtze River Delta reached 21.4 trillion yuan, an increase of 6.7647 billion yuan, representing a growth of 3.27% year-on-year [1] - The average revenue per enterprise reached 2.1373 billion yuan, with the entry threshold set at 767.3 million yuan [1] - Net profit for the top 100 enterprises exceeded 1 trillion yuan, reaching 1.02435 trillion yuan, an increase of 134.15 billion yuan, or 15.07% year-on-year [1] - The total tax payment reached 795.87 billion yuan, an increase of 8.6 billion yuan, or 1.09% year-on-year [1] - Private enterprises made a significant showing, with 54 making the list, an increase of 5 from the previous year, and their revenue reached 12.1 trillion yuan, accounting for 56.61% of the total [1] Group 2 - Jiangsu province had 24 enterprises listed among the top 100, an increase of 1 from the previous year, with Hengli Group Co., Ltd. ranked 3rd and Shenghong Holding Group Co., Ltd. ranked 7th [2] - The listed enterprises from Jiangsu primarily operate in industries such as petrochemicals, metallurgy, commercial banking, new energy, apparel, and construction machinery [2] - The 24 listed enterprises in Jiangsu achieved a combined revenue of 4.3 trillion yuan in 2024, a year-on-year growth of 2.92% [2] - The total assets of these enterprises reached 10.3 trillion yuan, reflecting a year-on-year increase of 12.19% [2] - Research and development expenses amounted to 58.2 billion yuan, representing a year-on-year growth of 4.8% [2]